Refinance
Business› Finance› Personal Finance
Consumer Credit
The repayment of a debt from the proceeds of a new loan using the same property as security.
- — Consumer Credit Protection Glossary retrieved 2014-05-16
Business› Finance› Personal Finance
Mortgage
the process of replacing an existing mortgage with a new one by paying off the existing debt with a new loan under different terms.
- — Making Home Affordable Glossary retrieved 2014-05-16
Real Estate
Getting a new mortgage with all or some portion of the proceeds used to pay off the original mortgage.